There’s talk everywhere you look or read or listen ‘we’re entering a recession’ ‘this is a buyers’ market’ or the latest in the news lines yesterday ‘We have buyers with FOOP’ (Fear of Over Paying) my take on things is that we are entering a ‘Patient Market’ not a quick paced market that works on a fear of missing out and not a market with plummeting house prices but rather a price realisation of property values.
Sellers are needing to be patient while they wait for the right buyer to realise the value in their home and buyers are needing to be patient while they work thru lending criteria’s and financial circumstances to enable themselves to be in buying positions.
The market is not what we had become accustomed to and while this ‘patient market’ may be here to stay for a period of time sellers and vendors will adjust and begin to understand the changes and see this as the normal for now. Some properties are still achieving multi offers and high interest and there is no set market as to which category of property this will be i.e first home buy, lifestyle properties or new builds.
With the changing market it is important to keep an eye on how to stand out from the competition as there are many property choices out there, setting the right pricing technique or changing with the market on pricing, making first impressions with presentation and hitting all platforms with strong advertising is all part of the patient game.